After yesterday’s Bitcoin price decline, what reports has helped the digital currency to recover? Learn this from the 22 February Bitcoin Fundamental Drivers Analysis from OctaFX.
22 February, OctaFX – Yesterday, Bitcoin fell more than 1000 points. It found its support at the $10,155 level. This drop was purely technical since there was no major negative market-moving data. Potentially, this drop came as traders took profits following a more than 50% gain.
22 February Bitcoin Fundamental Drivers Analysis
Today, Bitcoin has recovered from some of the losses after reports emerged that Bitfinex and Coinbase were introducing a new software to reduce transaction costs by more than 20%. As you possibly know, one of the reasons why cryptocurrencies exist is to make transactions cheaper but this has not been the case. With reduced costs, there is a likelihood that more people and companies will adopt Bitcoin.
The adoption of Segwit by these exchanges will ultimately increase the transaction speed, reduce costs, and help create a more vibrant community. Therefore, with positive news coming internally from exchanges and externally from regulators, in the short term, Bitcoin is likely to continue moving up.
This article about 22 February Bitcoin Fundamental Drivers Analysis was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.
Also, speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved.